This guest post is submitted by Rooney Reeves
We have come to the long way in the world of banking and financial technology with the card payments that are ever-growing and boosting cashless payments. All the rising technologies like playwear and mobile wallets are increasingly becoming popular alternatives in this digital era. But as the pace of technological change continues to come along the way, one of the future hopes is raising more hope known as biometric payments.
The way we are making payments is changing than ever and a huge part of the transformation lies in biometric – a technology that is popular when it comes to identity authentication. Merging all the traditional credit or debit card makes the customers make easy payments with a selfie, saying a word or scanning the fingertips. According to one report, it is seen that 75 percent of the millennials are getting comfortable with biometrics and 87 percent of all adults are comfortable to continue with it for the upcoming future.
In this article, we will be looking at how the biometrics can help to help out the payment options. Let’s get started with.
By introducing the biometrics in the payment process disrupts the broad industry into major ways. One way is to enhance the customer experience and second is to reduce the risks of their identity being stolen for the payments. The right balance of both these ways for consumer convenience and consumer security when it comes to making a payment.
All modern consumers are busy increasing their lifestyles and conflicting demands. An average consumer does not really want to consume his precious time into remembering variant passwords or PINs, even if it exposes them to the fraudulent activity. Control and convenience are always steered upon the innovations in the payment industry due to the widespread adoption of the contactless cards over the past few years shows. Time is money and can bring the payments to the customer’s payments alike any latest innovation which enhances the customer journey. Time is precious and to save the same for the customers, Mastercard has announced that from the month of April 2019, the card users can make payments by making use of the fingerprint and facial recognition technology by incorporating new scanners into the cards.
Handling the Frauds
It is well-proved that convenience is not everything although you can make payments from your mobile device seems attractive; there are potential risks associated with it. To identify the fraud is one of the global problems and it is only getting worse when committed through stealing or cloning an individual’s card for laundering the money. Secure and reliable authentication and identity verification procedures are never crucial as more biometric technologies are developing so to defraud the consumers. One of the most used fraud attempts called Spoofing is to make use of a picture of a face from the internet or even a mask to try and trick the facial recognition technology into thinking that its the same person in common.
The advantage of the vigorous biometrics invalidating the payments is that in the event that you prevent these endeavors from being versatile, the fraudsters are going to discover different approaches to submit the transgression. You can take help from the liveness tests into your authentication process. The liveness test protects against the spoofing in order to check the identification used in biometrics whether they are belonging to the real or present picture and not just the downloaded picture from the internet.
The Future Ahead
As the fraud detection techniques are evolving, nothing can become more secure than the use of biometrics which is yet not perfect. Different biometric mechanisms and back-end procedures are adjusting their contending needs to get the misrepresentation as much as they can. New innovations like machine learning and AI can be fused into biometrics so as to include an additional layer of the validation procedure.
The payment business needs to grasp such new advances and their advantages for giving the best involvement to the client in this way eliminating potential extortion. The banks should need to change their payment exchange procedures and supplement biometrics so as to secure both the business and their shoppers. Including a variation biometric confirmation test case program made sense of in the pipeline, it vows to have an energizing year ahead for the payments business and the client. Till then – keep learning!
Guest Author Bio
Rooney Reeves is a Business Development Executive. Currently Working with a Web, e-commerce development company etatvasoft.com. She always accepts challenges and put some efforts into it. She loves to write and spread her knowledge through writing. Find out more information about our company visit this. Follow me on Twitter.